(Yicai Global) Nov. 13 -- State-backed Chinese carmaker Shanghai Automotive Industry Corporation (SAIC) will start its own car sharing-brand, Xiangdao Chuxing, it announced yesterday, to break into the online car-hailing market, follow the 'sharing' trend and promote its own strategic transformation.

Xiangdao Chuxing will provide a total solution for the online car-hailing business replete with technology platform, vehicle fleet, maintenance and repair facilities, financing and professional insurance, SAIC said on its official website. Xiangdao Chuxing's app was updated Nov. 11 and the new version is 1.0.9. The app's service portfolio targets mid- and high-end customers.

SAIC now has its own Global Car Sharing and Rental unit, which is the first Chinese company to offer short-term new energy vehicle rentals. Its EvCard brand operates 32,000 NEVs per day in 62 cities nationwide, processing one order each second on average. EvCard has assets of CNY885 million (USD127.3 million), and its operating income was CNY243 million last year.

Many international brands, among them Germany's Volkswagen, Bayerische Motoren Werke and Daimler, have introduced their own car-sharing brands Moia, DriveNow and Car2Go, but though none has yet turned a profit, other global auto producers are also jumping on the bandwagon.

Editor: Ben Armour